TRON-based USDT falls victim to Tether debacle
|- Crypto ATM Operator Postpones TRON-based Tether launch.
- TRX/USD is rangebound with bearish bias.
Tether issues affected TRON’s efforts to promote USDT coin based on TRON’s blockchain. The company delayed the launch of $20 million rewards program developed to encourage the coin’s adoption and migrate their Omni-based tokens to Tron’s protocol.
Also, CoinFlip, a crypto ATM startup decided to postpone the launch Tron version of USDT on over 180 ATMs across the US. This development would allow cryptocurrency users to effortlessly buy the token for cash at tobacco shops and gas stations.
“Given the news, we are going to be postponing our launch until the smoke clears (if it ever does). We want to make sure Tether and Bitfinex are operating 100% lawfully before offering their products to our customers.” co-founder and CEO of CoinFlip, Daniel Polotsky said in the interview with CoinDesk.
Meanwhile, TRON (TRX) is changing hands at $0.0232, down nearly 2% since this tie on Wednesday. Looking technically, the coin recovered from April 29 low of $0.0219 and faced a tough resistance on approach to $0.0240. Once it is cleared, the upside may be extended towards $0.0250. This congestion zone has been limiting Tron’s recovery since the middle of April. A sustainable move higher is needed to bring critical $0.03 in focus.
On the downside, keep an eye on $0.0225, followed by the recent low of $0.0219 and psychological $0.02.
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